Angola
After gaining independence from Portugal in 1975, the country’s infrastructure was ravaged by civil war for nearly 30 years. The economy remains overly reliant on the crude oil industry, with petroleum accounting for roughly 95% of goods exports and more than 60% of government tax revenues. Efforts to clamp down on corruption and improve the business environment have intensified since President Lourenço took charge in 2018.
The economy is estimated to have contracted by 0.2% y-o-y during H1 2019. We forecast that the economy will suffer another contraction in H2 as oil production averaged 1.39 million bpd in Q3 2019, which is a 11% decline compared to the Q3 2018 average. Meanwhile, recent developments in Angola’s political environment have helped to dispel any lingering doubts that the presidency of João Lourenço has ushered in genuine change and a new openness and transparency. (Source: Angola Quarterly Update, published December 2019.)
Macroeconomic Data
(2018)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
2.4
20.2
7.0
-2.1
3,429.8
7.1
30.8
44.4